FINAL TERMS FOR CERTIFICATES FINAL TERMS DATED 2 MAY BNP Paribas Arbitrage Issuance B.V. (incorporated in The Netherlands) (as Issuer)

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1 FINAL TERMS FOR CERTIFICATES FINAL TERMS DATED 2 MAY 2017 BNP Paribas Arbitrage Issuance B.V. (incorporated in The Netherlands) (as Issuer) BNP Paribas (incorporated in France) (as Guarantor) Up to 500,000 EUR Jet Cap Protection Certificates relating to an hybrid Basket comprised of USDEUR Rate and The S&P GSCI Gold Excess Return Index due 31 May 2022 ISIN Code: XS under the Note, Warrant and Certificate Programme of BNP Paribas Arbitrage Issuance B.V., BNP Paribas and BNP Paribas Fortis Funding BNP Paribas Arbitrage S.N.C. (as Manager) The Certificates are offered to the public in the Republic of Italy from 2 May 2017 to 26 May 2017 Any person making or intending to make an offer of the Securities may only do so: (i) (ii) in those Non-exempt Offer Jurisdictions mentioned in Paragraph 47 of Part A below, provided such person is a Manager or an Authorised Offeror (as such term is defined in the Base Prospectus) and that the offer is made during the Offer Period specified in that paragraph and that any conditions relevant to the use of the Base Prospectus are complied with; or otherwise in circumstances in which no obligation arises for the Issuer or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Directive or to supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. None of the Issuer, the Guarantor or any Manager has authorised, nor do they authorise, the making of any offer of Securities in any other circumstances. Investors should note that if a supplement to or an updated version of the Base Prospectus referred to below is published at any time during the Offer Period (as defined below), such supplement or updated base prospectus, as the case may be, will be published and made available in accordance with the arrangements applied to the original publication of these Final Terms. Any investors who have indicated acceptances of the Offer (as defined below) prior to the date of publication of such supplement or updated version of the Base Prospectus, as the case may be, (the "Publication Date") have the right within two working days of the Publication Date to withdraw their acceptances. 1

2 PART A CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 9 June 2016, each Supplement to the Base Prospectus published and approved on or before the date of these Final Terms (copies of which are available as described below) and any other Supplement to the Base Prospectus which may have been published and approved before the issue of any additional amount of Securities (the "Supplements") (provided that to the extent any such Supplement (i) is published and approved after the date of these Final Terms and (ii) provide for any change to the Conditions of the Securities such changes shall have no effect with respect to the Conditions of the Securities to which these Final Terms relate) which together constitute a base prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive") (the "Base Prospectus"). The Base Prospectus has been passported into Italy in compliance with Article 18 of the Prospectus Directive. This document constitutes the Final Terms of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus. Full information on BNP Paribas Arbitrage Issuance B.V. (the "Issuer") BNP Paribas (the "Guarantor") and the offer of the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus. A summary of the Securities (which comprises the Summary in the Base Prospectus as amended to reflect the provisions of these Final Terms) is annexed to these Final Terms. The Base Prospectus and any Supplement(s) to the Base Prospectus and these Final Terms are available for viewing at and copies may be obtained free of charge at the specified offices of the Security Agents. The Base Prospectus and the Supplement(s) to the Base Prospectus will also be available on the AMF website References herein to numbered Conditions are to the terms and conditions of the relevant series of Securities and words and expressions defined in such terms and conditions shall bear the same meaning in these Final Terms in so far as they relate to such series of Securities, save as where otherwise expressly provided. These Final Terms relate to the series of Securities as set out in "Specific Provisions for each Series" below. References herein to "Securities" shall be deemed to be references to the relevant Securities that are the subject of these Final Terms and references to "Security" shall be construed accordingly. 2

3 SPECIFIC PROVISIONS FOR EACH SERIES SERIES NUMBER NO. OF SECURITIES ISSUED NO OF SECURITIES ISIN COMMON CODE ISSUE PRICE PER SECURITY EXERCISE DATE CE324AAN Up to 500,000 Up to 500,000 XS EUR May 2022 GENERAL PROVISIONS The following terms apply to each series of Securities: 1. Issuer: BNP Paribas Arbitrage Issuance B.V. 2. Guarantor: BNP Paribas 3. Trade Date: 26 May Issue Date: 31 May Consolidation: Not applicable 6. Type of Securities: (a) Certificates (b) The Securities are Hybrid Securities Automatic Exercise of Certificates applies to the Certificates. The Exercise Date is 24 May 2022 or, if such day is not a Business Day, the immediately succeeding Business Day The Exercise Date will be subject to the same adjustments provided for the Redemption Valuation Date. The Exercise Settlement Date is 31 May The minimum number of Securities that may be exercised by the Holder is (1) one Security and in excess thereof by multiples of (1) one Security. The provisions of Annex 6 (Additional Terms and Conditions for Commodity Securities) shall apply. The provisions of Annex 8 (Additional Terms and Conditions for Currency Securities) shall apply. Unwind Costs: Not applicable 7. Form of Securities: Clearing System Global Security 8. Business Day Centre(s): The applicable Business Day Centre for the purposes of the definition of "Business Day" in Condition 1 is TARGET Settlement: Settlement will be by way of cash payment (Cash Settled Securities) 10. Rounding Convention for Cash Settlement Amount: 11. Variation of Settlement: Issuer's option to vary settlement: 12. Final Payout SPS Payout: Not applicable The Issuer does not have the option to vary settlement in respect of the Securities. Indexation Products 3

4 Certi Plus: Generic Securities Constant Percentage 1 + Gearing Up x Option Up + Gearing Down x Option Down Where: Constant Percentage 1 means 100%. Gearing Up means 200%. Option Up means Up Call Spread Up Call Spread means : Min(Max(UpFinal Redemption Value-Up Strike Percentage;Up Floor Percentage); Up Cap Percentage); Up Strike Percentage means 100%. Up Cap Percentage means 15% Up Floor Percentage means 0%. Up Final Redemption Value means the Underlying Reference Value Underlying Reference is the S&P GSCI Gold Excess Return Index, as set out in item 29(a) below; Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (a) (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price and (b) multiplied by FX Value. Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Relevant Price in respect of such day SPS Valuation Date means the SPS Redemption Valuation Date SPS Redemption Valuation Date means the Final Pricing Date Strike Price Closing Value: Applicable Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date; In respect of the Strike Date: Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Relevant Price in respect of such day; Where: SPS Valuation Date means the Strike Date; Strike Date means the Initial Pricing Date. FX Value means, in respect of an Underlying Reference and a 4

5 day, Underlying Reference FX Level for such day divided by Underlying Reference FX Strike Level; FX Closing Level : applicable; Underlying Reference FX Level means, in respect of an Underlying Reference and a day, the rate of exchange between the currencies (including any rates of exchange pursuant to which the relevant rate of exchange is derived) and determined from the source(s) and at the time, in each case specified in the applicable Final Terms for such Underlying Reference on such day ; Underlying Reference FX Strike Level means in respect of an Underlying Reference, the Underlying Reference FX Level for such Underlying Reference on the Strike Date; FX Conversion: applicable; Underlying Reference is USDEUR, as set out in item 31(a) below; USDEUR means the exchange rate derived from the EURUSD exchange rate, determined by the Calculation Agent as 1 divided by EURUSD, acting in good faith and in a commercially reasonable manner. EURUSD means the EUR/USD foreign exchange fixing rate (expressed as an amount of USD per one unit of EUR), as determined by the Calculation Agent by reference to Reuters Screen page EURUSDFIX=WM (or any successor page thereto, as determined by the Calculation Agent) at London Time, on a specific Date provided that if such rate is not available, the relevant exchange rate shall be determined by the Calculation Agent by such reference to such sources as it deems appropriate, acting in good faith and in a commercially reasonable manner; Gearing Down means -100%. Option Down means Down Put Spread Down Put Spread means : Min(Max(Down Strike Percentage Down Final Redemption Value; Down Floor Percentage); Down Cap Percentage); Down Strike Percentage means 100%. Down Cap Percentage means 20% Down Floor Percentage means 0%. Down Final Redemption Value means the Underlying Reference Value; Underlying Reference is the S&P GSCI Gold Excess Return Index, as set out in item 29(a) below; Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (a) (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date 5

6 (ii) divided by the relevant Underlying Reference Strike Price and (b) multiplied by FX Value. Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Relevant Price in respect of such day SPS Valuation Date means the SPS Redemption Valuation Date SPS Redemption Valuation Date means the Final Pricing Date Strike Price Closing Value: Applicable Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date; In respect of the Strike Date: Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Relevant Price in respect of such day; Where: SPS Valuation Date means the Strike Date; Strike Date means the Initial Pricing Date. FX Value means, in respect of an Underlying Reference and a day, Underlying Reference FX Level for such day divided by Underlying Reference FX Strike Level; FX Closing Level : applicable; Underlying Reference FX Level means, in respect of an Underlying Reference and a day, the rate of exchange between the currencies (including any rates of exchange pursuant to which the relevant rate of exchange is derived) and determined from the source(s) and at the time, in each case specified in the applicable Final Terms for such Underlying Reference on such day ; Underlying Reference FX Strike Level means in respect of an Underlying Reference, the Underlying Reference FX Level for such Underlying Reference on the Strike Date; FX Conversion: applicable; Underlying Reference is USDEUR, as set out in item 31(a) below; USDEUR means the exchange rate derived from the EURUSD exchange rate, determined by the Calculation Agent as 1 divided by EURUSD, acting in good faith and in a commercially reasonable manner. EURUSD means the EUR/USD foreign exchange fixing rate (expressed as an amount of USD per one unit of EUR), as determined by the Calculation Agent by reference to Reuters Screen page EURUSDFIX=WM (or any successor page thereto, as determined by the Calculation Agent) at

7 Payout Switch: Aggregation: London Time, on a specific Date provided that if such rate is not available, the relevant exchange rate shall be determined by the Calculation Agent by such reference to such sources as it deems appropriate, acting in good faith and in a commercially reasonable manner; Not applicable Not applicable 13. Relevant Asset(s): Not applicable 14. Entitlement: Not applicable 15. Exchange Rate/Conversion Rate Not applicable 16. Settlement Currency: The settlement currency for the payment of the Cash Settlement Amount is euro ("EUR"). 17. Syndication: The Securities will be distributed on a non-syndicated basis. 18. Minimum Trading Size: Not applicable. 19. Principal Security Agent: BNP Paribas Arbitrage S.N.C. 20. Registrar: Not applicable 21. Calculation Agent: BNP Paribas Arbitrage S.N.C. 22. Governing law: English law 23. Masse provisions (Condition 9.4): Not applicable PRODUCT SPECIFIC PROVISIONS 24. Hybrid Securities: Applicable 25. Index Securities: Not applicable 26. Share Securities: Applicable 27. ETI Securities Not applicable 28. Debt Securities: Not applicable boulevard MacDonald, Paris France (a) (b) The Securities are linked to each of the types of Underlying Reference (each a Type of Underlying Reference ) set out in the table below. The terms and conditions of the Securities will be construed on the basis that in respect of each separate Type of Underlying Reference, the relevant terms applicable to each such separate Type of Underlying Reference will apply, as the context admits, separately and independently in respect of the relevant Type of Underlying Reference, subject as provided in (b) below: Type of Underlying Reference: Commodity Securities Currency Securities Hybrid Business Day: Applicable (see item 29 below) (see item 31 below) Hybrid Business Day means a day which is a Scheduled Trading Day (as defined in the relevant Annex and completed in the applicable Final Terms) for each Type of Underlying Reference specified in the applicable Final Terms. 7

8 29. Commodity Securities: Applicable (a) Commodity/Commodities/ Commodity Index/Commodity Indices: The Securities relate to the S&P GSCI Gold Excess Return Index (Bloomberg page SPGCGCP <Index> ; Reuters page 0#.SPGS ), a commodity index (the Commodity Index ). The Commodity Index is calculated and published by Standard & Poor's, a division of The McGraw-Hill Companies, Inc (the Index Calculation Agent, the Index Sponsor and the Price Source ). (b) Pricing Date(s): Each of the Initial Pricing Date and the Final Pricing Date. (c) Initial Pricing Date: 26 May 2017 (d) Final Pricing Date: 24 May 2022 (e) Commodity Reference Price: The daily official closing level (the 'Specified Price') of the S&P GSCI Gold Excess Return Index (the 'Commodity Index' and the 'Index'), as calculated by S&P Dow Jones Indices LLC, a part of McGraw Hill Financial (the 'Index Calculation Agent', 'Index Sponsor' and 'Price Source') and published on Bloomberg page SPGCGCP Index, Reuters page 0#.SPGS by the Price Source on each Pricing Date. (f) Delivery Date: Not applicable. (g) Nearby Month: Not applicable. (h) Specified Price: The daily official closing level of the Commodity Index. (i) Exchange: As per Conditions. (j) Disruption Fallback(s): As per Conditions. (k) Valuation Time: The time at which the Commodity Reference Price is published by the Price Source. (l) Specified Maximum Days of Disruption: As per Conditions. (m) Weighting: Not applicable. (n) Rolling Futures Contract Securities: No. 30. Inflation Index Securities: Not applicable 31. Currency Securities: Applicable (a) Relevant Screen Page: Not applicable (b) The relevant base currency (the "Base Currency") is: (c) The relevant subject [currency/currencies] ([the]/[each a] "Subject Currency") [is/are]: USD EUR (d) Weighting: Not applicable (e) Price Source: Reuters (f) Specified Maximum Days of Disruption: Five Scheduled Trading Days. 8

9 (g) Settlement Price: Not applicable (h) Valuation Time: As per conditions. (i) Delayed Redemption on Occurrence of a Disruption Event: Not applicable 32. Fund Securities: Not applicable 33. Futures Securities: Not applicable 34. Credit Securities: Not applicable 35. Underlying Interest Rate Securities: Not applicable 36. Preference Share Certificates: Not applicable 37. OET Certificates: Not applicable 38. Additional Disruption Events: Applicable Hedging Disruption does not apply to the Securities. 39. Optional Additional Disruption Events: (a) The following Optional Additional Disruption Events apply to the Securities: Increased Cost of Hedging 40. Knock-in Event: Not applicable 41. Knock-out Event: Not applicable 42. EXERCISE, VALUATION AND REDEMPTION (a) Notional Amount of each Certificate: (b) EUR 100 Delayed Redemption on Occurrence of an Additional Disruption Event and/or Optional Additional Disruption Event (in the case of Certificates): Not applicable (b) Partly Paid Certificates: The Certificates are not Partly Paid Certificates. (c) Interest: Not applicable (d) Fixed Rate Provisions: Not applicable. (e) Floating Rate Provisions: Not applicable. (f) Screen rate Determination Not applicable. (g) ISDA Determination Not applicable. (h) FBF Determination Not applicable. (i) Linked Interest Certificates Not applicable. (j) (k) (l) (m) (n) Payment of Premium Amount(s): Index Linked Premium Amount Certificates: Share Linked Premium Amount Certificates: ETI Linked Premium Amount Certificates: Debt Linked Premium Amount Certificates: Not applicable. Not applicable Not applicable. Not applicable Not applicable 9

10 (o) (p) (q) (r) (s) (t) Commodity Linked Premium Amount Certificates: Inflation Index Linked Premium Amount Certificates Currency Linked Premium Amount Certificates: Fund Linked Premium Amount Certificates: Futures Linked Premium Amount Certificates: Underlying Interest Rate Linked Interest Provisions Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable (u) Instalment Certificates: The Certificates are not Instalment Certificates. (v) Issuer Call Option: Not applicable (w) Holder Put Option: Not applicable (x) Automatic Early Redemption: Not applicable. (y) Renouncement Notice Cut-off Time: (z) Strike Date: 26 May (aa) Strike Price: Not applicable p.m. (Milan Time) on the Exercise Date (bb) Redemption Valuation Date: The Exercise Date, or if that is not a Hybrid Business Day the immediately succeeding Hybrid Business Day. (cc) Averaging: Averaging does not apply to the Securities. (dd) Observation Dates: Not applicable. (ee) Observation Period: Not applicable. (ff) Settlement Business Day: Not applicable (gg) Cut-off Date: Not applicable (hh) Identification information of Holders as provided by Condition 29: DISTRIBUTION AND US SALES ELIGIBILITY Not applicable 43. U.S. Selling Restrictions: Not applicable 44. Additional U.S. Federal income tax considerations: 45. Registered broker/dealer: Not applicable The Securities are not Specified Securities for the purpose of Section 871(m) of the U.S. Internal Revenue Code of TEFRA C or TEFRA Not Applicable: TEFRA C/TEFRA Not Applicable 47. Non-exempt Offer: Applicable (i) Non-exempt Offer Jurisdictions: Republic of Italy (ii) Offer Period: The period from, and including, 2 May 2017 until, and including, 26 May 2017, subject to any early closing or extension of the Offer Period, as indicated in Part B, item 6. (iii) Financial intermediaries Not applicable. See Placing and Underwriting of Part B. 10

11 granted specific consent to use the Base Prospectus in accordance with the Conditions in it: (iv) General Consent: Not applicable (v) Other Authorised Offeror Terms: Not applicable PROVISIONS RELATING TO COLLATERAL AND SECURITY 48. Collateral Security Conditions: Not applicable 49. Notional Value Repack Securities Not applicable Responsibility The Issuer accepts responsibility for the information contained in these Final Terms. To the best of the knowledge of the Issuer (who has taken all reasonable care to ensure that such is the case), the information contained herein is in accordance with the facts and does not omit anything likely to affect the import of such information. Signed on behalf of BNP Paribas Arbitrage Issuance B.V. As Issuer: By:..Carlyne DERIEUX, Duly authorised 11

12 1. Listing and Admission to trading PART B OTHER INFORMATION Application will be made for the Securities to be admitted to trading on the Multilateral Trading Facility EuroTLX (managed by EuroTLX SIM S.p.A.) (the Euro TLX ) with effect from a date prior to the Issue Date. 2. Ratings The Securities have not been rated. The rating of the Issuer is A from Standard and Poor's. The rating of the Guarantor is A1 from Moody's and A from Standard and Poor's. As defined by Moody's, an "A" rating means that the obligations of the Issuer and the Guarantor under the Programme are judged to be upper-medium grade and are subject to low credit risk. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aaa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category. As defined by Standard & Poor's, an obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the relevant Issuer and Guarantor's capacity to meet its financial commitment on the obligation is still strong. The addition of a plus (+) or minus (-) sign shows relative standing within the major rating category. Moody's and Standard & Poor's are established in the European Union and are registered under Regulation (EC) No. 1060/2009 (as amended). 3. Interests of Natural and Legal Persons Involved in the Offer Investors shall be aware of the fact that the distributor appointed for the placement of the Securities under these Final Terms, Banca Nazionale del Lavoro S.p.A. (the Distributor ), belongs to the same Group as the Issuer, the BNP Paribas Group. In this respect, investors shall also be informed of the fact that the Distributor will receive from the Issuer placement fees implicit in the Issue Price of the Securities equal to a maximum annual amount of 0.84% of the issue amount. All placement fees will be paid out upfront. Moreover, investors shall be aware that implicit in the Issue Price of the Securities are structuring costs equal to an estimated maximum annual amount of 0.16% of the issue amount. Investors must also consider that such fees and costs are not included in the price of the Securities on the secondary market and, therefore, if the Securities are sold on the secondary market, fees and costs embedded in the Issue Price will be deducted from the sale price. Save as discussed in the "Potential Conflicts of Interest" paragraph in the "Risk Factors" in the Base Prospectus, so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer. 4. Performance of Underlying/Formula/Other Variable and Other Information concerning the Underlying Reference See Base Prospectus for an explanation of effect on value of Investment and associated risks in investing in Securities. 12

13 Past and further performances of the Underlying Commodity are available on Reuters and their volatility may be obtained at the office of the Calculation Agent by mail to the following address: Past and further performances of the Underlying Currency are available on Reuters and its volatility may be obtained at the office of the Calculation Agent by mail to the following address: The Issuer does not intend to provide post-issuance information. General Disclaimer Neither the Issuer nor the Guarantor shall have any liability for any act or failure to act by an Index Sponsor in connection with the calculation, adjustment or maintenance of an Index. Except as disclosed prior to the Issue Date, neither the Issuer, the Guarantor nor their affiliates has any affiliation with or control over an Index or Index Sponsor or any control over the computation, composition or dissemination of an Index. Although the Calculation Agent will obtain information concerning an Index from publicly available sources it believes reliable, it will not independently verify this information. Accordingly, no representation, warranty or undertaking (express or implied) is made and no responsibility is accepted by the Issuer, the Guarantor, their affiliates or the Calculation Agent as to the accuracy, completeness and timeliness of information concerning an Index. S&P GSCI Gold Excess Return Index Disclaimer This Transaction is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, part of McGraw-Hill Financial ("SPDJI"). SPDJI does not make any representation or warranty, express or implied, to the owners of the Transaction or any member of the public regarding the advisability of investing in securities generally or in the Transaction particularly or the ability of the Indices to track general commodity market performance. SPDJI 's only relationship to BNP Paribas is the licensing of certain trademarks and trade names of SPDJI and of the Indices, which indices are determined, composed and calculated by SPDJI without regard to BNP Paribas or the Transaction. SPDJI has no obligation to take the needs of BNP Paribas or the owners of the Transaction into consideration in determining, composing or calculating the Indices. SPDJI is not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Transaction to be issued or in the determination or calculation of the equation by which the Transaction are to be converted into cash. SPDJI has no obligation or liability in connection with the administration, marketing or trading of the Transaction. SPDJI DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA INCLUDED THEREIN AND SPDJI SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. SPDJI MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY BNP PARIBAS, OWNERS OF THE TRANSACTION OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR ANY DATA INCLUDED THEREIN. SPDJI MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL SPDJI HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. The SPDJI Marks are trademarks of McGraw-Hill Financial and have been licensed for use by BNP Paribas. 5. Paribas Operational Information Relevant Clearing System(s): Euroclear and Clearstream, Luxembourg. 13

14 6. Terms and Conditions of the Public Offer Offer Price: Conditions to which the offer is subject: The Issue Price (of which a maximum annual amount of 0.84% is represented by commissions payable to the Distributor). Moreover, investors shall be aware that implicit in the Issue Price of the Securities are structuring costs equal to an estimated maximum annual amount of 0.16% of the issue amount. The Offer of the Securities is conditional on their issue. The Issuer reserves the right to withdraw the offer and cancel the issuance of the Securities for any reason, in accordance with the Distributor at any time on or prior to the Issue Date. For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right, each such potential investor shall not be entitled to subscribe or otherwise acquire the Securities. The Issuer will in its sole discretion determine the final amount of Securities issued up to a limit of EUR 50,000,000. The final amount of Securities issued on Issue Date will be listed on Multilateral Trading Facility EuroTLX (managed by EuroTLX SIM S.p.A.). The final amount of the Securities issued will be determined by the Issuer in light of prevailing market conditions, and in its sole and absolute discretion depending on the number of Securities which have been agreed to be subscribed as of the Issue Date. The Offer Period may be closed early as determined by Issuer in its sole discretion and notified on or around such earlier date by publication on the following webpage investimenti.bnpparibas.it. The Issuer reserves the right to extend the Offer Period. The Issuer will inform of the extension of the Offer Period by means of a notice to be published on the following webpage investimenti.bnpparibas.it. The Issuer reserves the right to increase the number of Securities to be issued during the Offer Period. The Issuer will inform the public of the size increase by means of a notice to be published on the following webpage investimenti.bnpparibas.it. The final amount of the Securities issued will be 14

15 Description of the application process: determined by the Issuer in light of prevailing market conditions, and in its sole and absolute discretion depending on the number of Securities which have been asked to be subscribed for during the Offer Period. Application to subscribe for the Securities can be made in Italy through the Distributor. The distribution activity will be carried out in accordance with the usual procedures of the Distributor. Investors may apply for the subscription of the Securities during normal Italian banking hours at the offices (filiali) of the Distributor from, and including, 2 May 2017 to, and including 26 May 2017, subject to any early closing or extension of the Offer Period. The Securities will also be distributed through door-to-door selling pursuant to Article 30 of the Italian Legislative Decree No. 58 of 24 February 1998, as amended from time to time (the "Italian Financial Services Act") from and including 2 May 2017 to and including 19 May 2017, subject to any early closing or extension of the Offer Period. Pursuant to Article 30, paragraph 6, of the Italian Financial Services Act, the validity and enforceability of contracts entered into through door-to-door selling is suspended for a period of 7 (seven) days beginning on the date of purchase by the relevant investor. Within such period investors may notify the relevant Distributor of their withdrawal without payment of any charge or commission. The Certificates will be also offered by Banca Nazionale del Lavoro S.p.A. through recorded telephone orders. In this case, the investor may subscribe for the Certificates via the internet or the telephone, after being identified by the Distributor using his/her identification codes. As soon as the telephone call begins, the investor will be requested to declare, among other things, that he/she has received and read the offer documentation sent to him/her by the Distributor and the risk factors contained therein, and that he/she will provide all the information necessary to the continue with the order. The Distributor, during the telephone call, will summarise to the investor the details of the transaction and the investor will then confirm the correctness of such details and will give his/her consent to the subscription of the Certificates. The Distributor is responsible for the notification of any withdrawal right applicable in relation to the offer of the Securities to potential investors. 15

16 Prospective investors will not be required to enter into any contractual arrangements directly with the Issuer in relation to the subscription for the Securities. Applicants having no client relationship with the Distributor with whom the acceptance form is filed may be required to open a current account or to make a temporary non-interest bearing deposit of an amount equal to the counter-value of the Securities requested, calculated on the basis of the Issue Price of the Securities. In the event that the Securities are not allotted or only partially allotted, the total amount paid as a temporary deposit, or any difference with the counter-value of the Securities allotted, will be repaid to the applicant without charge by the Issue Date. By purchasing the Securities, the holders of the Securities are deemed to have knowledge of all the Conditions of the Securities and to accept said Conditions. Applications received by the Distributor prior to the start of the Offer Period or after the closing date of the Offer Period, will be considered as not having been received and will be void. Details of the minimum and/or maximum amount of application: Minimum subscription amount per investor: EUR 100 Maximum subscription amount per investor: 500,000* Notional Amount. The maximum amount of application of Securities will be subject only to availability at the time of the application. Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: Details of the method and time limits for paying up and delivering the Securities: Not applicable The Securities will be issued on the Issue Date against payment to the Issuer by the Distributor of the gross subscription moneys. The Securities are cleared through the clearing systems and are due to be delivered through the Distributor on or around the Issue Date. Manner in and date on which results of the offer are to be made public: Procedure for exercise of any right of preemption, negotiability of subscription rights and treatment of subscription rights not exercised: Process for notification to applicants of the Publication by means of a notice by loading the following link (investimenti.bnpparibas.it) in each case on or around the Issue Date. Not applicable There are no pre-identified allotment criteria. 16

17 amount allotted and indication whether dealing may begin before notification is made: The Distributor will adopt allotment criteria that ensure equal treatment of prospective investors. All of the Securities requested through the Distributor during the Offer Period will be assigned up to the maximum amount of the Offer. In the event that during the Offer Period the requests exceed the number of Securities to be issued, the Issuer will at it discretion, either, (i) proceed to increase the size of the offer or, (ii) early terminate the Offer Period and suspend the acceptance of further requests. Each investor will be notified by the Distributor of its allocation of Securities after the end of the Offer Period and in any event on or around the Issue Date. Amount of any expenses and taxes specifically charged to the subscriber or purchaser: Name and address of the entities which have a firm commitment to act as intermediaries in secondary trading, providing liquidity through bid and after rates and a description of the main terms of their commitment: 7. Placing and Underwriting Name(s) and address(es), to the extent known to the Issuer, of the placers in the various countries where the offer takes place: Name and address of the co-ordinator(s) of the global offer and of single parts of the offer: Name and address of any paying agents and depository agents in each country (in addition to the Principal Security Agent): Entities agreeing to underwrite the issue on a firm commitment basis, and entities agreeing to place the issue without a firm commitment or under "best efforts" arrangements: When the underwriting agreement has been or No dealings in the Securities may take place prior to the Issue Date. The Issuer is not aware of any expenses and taxes specifically charged to the subscriber. For the Offer Price which includes the commissions payable to the Distributor and structuring costs see above "Offer Price". None None. Not applicable. BNP Paribas Securities Services, Milan Branch Via Ansperto 5, 20123, Milano, Italy. The placement activity will be carried out by: Banca Nazionale del Lavoro S.p.A. Via V. Veneto, Rome, Italy. (the Distributor) No underwriting commitment is undertaken by the Distributor Not applicable. 17

18 will be reached: 8. Yield Not applicable. 9. Form of Renouncement Notice 18

19 RENOUNCEMENT NOTICE (to be completed by the Holder of the Security) BNP Paribas Arbitrage Issuance B.V. Up to 500,000 EUR Jet Cap Protection Certificates relating to an hybrid Basket comprised of USDEUR Rate and The S&P GSCI Gold Excess Return Index due 31 May 2022 Codice ISIN: XS (the "Securities") To: BNP Paribas Securities Services, Milan Branch Via Ansperto 5, Milano, Italy Fax No: (39) We/I the undersigned Holder(s) of the Securities hereby communicate that we are renouncing the automatic exercise on the Exercise of the rights granted by the Securities in accordance with the Terms and Conditions of the Securities, as amended and/or supplemented by the applicable Final Terms (the "Security Terms"). Series No. of the Securities: Number of Securities the subject of this notice: The undersigned understands that if this Renouncement Notice is not completed and delivered as provided in the Security Terms or is determined to be incomplete or not in proper form (in the determination of the Italian Security Agent), it will be treated as null and void. If this Renouncement Notice is subsequently corrected to the satisfaction of the Italian Security Agent, it will be deemed to be a new Renouncement Notice submitted at the time such correction was delivered to the Italian Security Agent. Expressions defined in the Security Terms shall bear the same meanings in this Renouncement Notice. Place and date: Signature of the Holder Name of beneficial owner of the Securities Signature 19

20 ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THIS BASE PROSPECTUS Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in Sections A E (A.1 E.7). This Summary contains all the Elements required to be included in a summary for this type of Securities, Issuer and Guarantor. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of Securities, Issuer and Guarantor(s), it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element should be included in the summary explaining why it is not applicable. Section A - Introduction and warnings Element Title A.1 Warning that the summary should be read as an introduction and provision as to claims A.2 Consent as to use the Base Prospectus, period of validity and other conditions attached This summary should be read as an introduction to the Base Prospectus and the applicable Final Terms. In this summary, unless otherwise specified and except as used in the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V. and BNPP dated 9 June 2016 as supplemented from time to time under the Note, Warrant and Certificate Programme of BNPP B.V., BNPP and BNP Paribas Fortis Funding. In the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V. and BNPP dated 9 June Any decision to invest in any Securities should be based on a consideration of the Base Prospectus as a whole, including any documents incorporated by reference and the applicable Final Terms. Where a claim relating to information contained in the Base Prospectus and the applicable Final Terms is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus and the applicable Final Terms before the legal proceedings are initiated. No civil liability will attach to the Issuer [or the Guarantor] in any such Member State solely on the basis of this summary, including any translation hereof, unless it is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus and the applicable Final Terms or, following the implementation of the relevant provisions of Directive 2010/73/EU in the relevant Member State, it does not provide, when read together with the other parts of the Base Prospectus and the applicable Final Terms, key information (as defined in Article 2.1(s) of the Prospectus Directive) in order to aid investors when considering whether to invest in the Securities. Not applicable. See Section E.3 Terms and conditions of the offer. 1

21 Section B - Issuer and Guarantor Element Title B.1 Legal and commercial name of the Issuer B.2 Domicile/ legal form/ legislation/ country of incorporation BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V." or the "Issuer"). The Issuer was incorporated in the Netherlands as a private company with limited liability under Dutch law having its registered office at Herengracht 595, 1017 CE Amsterdam, the Netherlands. B.4b Trend information BNPP B.V. is dependent upon BNPP. BNPP B.V. is a wholly owned subsidiary of BNPP specifically involved in the issuance of securities such as notes, warrants or certificates or other obligations which are developed, setup and sold to investors by other companies in the BNPP Group (including BNPP). The securities are hedged by acquiring hedging instruments and/or collateral from BNP Paribas and BNP Paribas entities as described in Element D.2 below. As a consequence, the Trend Information described with respect to BNPP shall also apply to BNPP B.V. B.5 Description of the Group B.9 Profit forecast or estimate B.10 Audit report qualifications B.12 Selected historical key financial information: BNPP B.V. is a wholly owned subsidiary of BNP Paribas. BNP Paribas is the ultimate holding company of a group of companies and manages financial operations for those subsidiary companies (together the "BNPP Group"). Not applicable, as there are no profit forecasts or estimates made in respect of the Issuer in the Base Prospectus to which this Summary relates. Not applicable, there are no qualifications in any audit report on the historical financial information included in the Base Prospectus. Comparative Annual Financial Data - In EUR 31/12/2015 (audited) 31/12/2014 (audited) Revenues 315, ,263 Net income, Group share 19,786 29,043 Total balance sheet 43,042,575,328 64,804,833,465 Shareholders' equity (Group share) 464, ,206 Comparative Interim Financial Data for the six-month period ended 30 June 2016 In EUR 30/06/2016 (unaudited) 30/06/2015 (unaudited) Revenues 183, ,063 Net Income, Group Share 12,506 10, /06/ /12/2015

22 Element Title (unaudited) (audited) Total balance sheet 49,514,864,240 43,042,575,328 Shareholders equity (Group share) 477, ,992 Statements of no significant or material adverse change There has been no significant change in the financial or trading position of the BNPP Group since 31 December 2016 (being the end of the last financial period for which audited financial statements have been published). There has been no material adverse change in the prospects of BNPP or the BNPP Group since 31 December 2016 (being the end of the last financial period for which audited financial statements have been published). There has been no significant change in the financial or trading position of BNPP B.V. since 30 June 2016 and there has been no material adverse change in the prospects of BNPP B.V. since 31 December B.13 Events impacting the Issuer's solvency B.14 Dependence upon other group entities B.15 Principal activities B.16 Controlling shareholders B.17 Solicited credit ratings B.18 Description of the Guarantee Not applicable, as at 12 October 2016 and to the best of the Issuer's knowledge, there have not been any recent events which are to a material extent relevant to the evaluation of the Issuer's solvency since 30 June BNPP B.V. is dependent upon BNPP. BNPP B.V. is a wholly owned subsidiary of BNPP specifically involved in the issuance of securities such as notes, warrants or certificates or other obligations which are developed, setup and sold to investors by other companies in the BNPP Group (including BNPP). The securities are hedged by acquiring hedging instruments and/or collateral from BNP Paribas and BNP Paribas entities as described in Element D.2 below. See also Element B.5 above. The principal activity of the Issuer is to issue and/or acquire financial instruments of any nature and to enter into related agreements for the account of various entities within the BNPP Group. BNP Paribas holds 100 per cent. of the share capital of the Issuer. BNPP B.V.'s long term credit rating are A with a stable outlook (Standard & Poor's Credit Market Services France SAS) and BNPP B.V.'s short term credit rating are A-1 (Standard & Poor's Credit Market Services France SAS). The Securities have not been rated. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. The Securities will be unconditionally and irrevocably guaranteed by BNP Paribas ("BNPP" or the "Guarantor") pursuant to an English law deed of guarantee executed by BNPP on or around 10 June 2016 (the "Guarantee"). In the event of a bail-in of BNPP but not BNPP B.V., the obligations and/or amounts owed by BNPP under the guarantee shall be reduced to reflect any such modification or reduction applied to liabilities of BNPP resulting from the application of a bail-in of BNPP by any relevant regulator (including in a situation where the Guarantee itself is not the subject of such bail-in). The obligations under the guarantee are unsubordinated and unsecured obligations of BNPP and will rank pari passu with all its other present and future unsubordinated and unsecured obligations subject to such exceptions as may 3

23 Element Title B.19 Information about the Guarantor B.19/ B.1 B.19/ B.2 B.19/ B.4b Legal and commercial name of the Guarantor Domicile/ legal form/ legislation/ country of incorporation Trend information from time to time be mandatory under French law. BNP Paribas The Guarantor was incorporated in France as a société anonyme under French law and licensed as a bank having its head office at 16, boulevard des Italiens Paris, France. Macroeconomic environment Macroeconomic and market conditions affect BNPP's results. The nature of BNPP's business makes it particularly sensitive to macroeconomic and market conditions in Europe, which have been at times challenging and volatile in recent years. In 2016, global growth stabilised slightly above 3%, despite a much lower growth in the advanced economies. Three major transitions continue to affect the global outlook: declining economic growth in China, fluctuating energy prices that rose in 2016, and a second tightening of monetary policy in the United States in the context of a resilient domestic recovery. It should be noted that the central banks of several large developed countries continue to maintain accommodative monetary policies. IMF economic forecasts for point to a recovery in global activity, no significant improvement in growth in the euro zone and Japan, and a slowdown in the United Kingdom. Financial instability due to the vulnerability of emerging countries While the exposure of the BNP Paribas Group to emerging countries is limited, the vulnerability of these economies may generate disruptions in the global financial system that could affect the Group and potentially alter its results. A broad increase in the foreign exchange liabilities of the economies of many emerging market economies was observed in 2016, at a time when debt levels (in both foreign and local currency) were already high. The private sector was the main source of the increase in this debt. Furthermore, the prospect of a gradual increase in US key rates (the Federal Reserve Bank made its first increase in December 2015, and a second in December 2016) and increased financial volatility stemming from concerns about growth and mounting geopolitical risk in emerging markets have contributed to a tightening of external financial conditions, increased capital outflows, further currency depreciations in many emerging markets and heightened risks for banks. These factors could result in further downgrades of sovereign ratings. There is still a risk of disturbances in global markets (rising risk premiums, erosion of confidence, declining growth, deferral or slower pace of normalisation of monetary policies, declining liquidity in markets, asset valuation problems, decline in credit supply and disorderly deleveraging) that could affect all banking institutions. Systemic risks related to increased debt and market liquidity 1 See notably: IMF World Economic Outlook, updated in January

24 Element Title The continuation of a situation with exceptionally low interest rates could promote excessive risk-taking by certain financial players: increase in the maturity of loans and assets held, less stringent loan granting policies, increase in leverage financing. Some players (insurance companies, pension funds, asset managers, etc.) entail an increasingly systemic dimension and in the event of market turbulence (linked for instance to a sudden rise in interest rates and/or a sharp price correction) they may decide to unwind large positions in an environment of relatively weak market liquidity. Recent years have also seen an increase in debt (public and private, in both developed and emerging countries). The resulting risk could materialise either in the event of a spike in interest rates or a further negative growth shock. Laws and regulations applicable to financial institutions Recent and future changes in the laws and regulations applicable to financial institutions may have a significant impact on BNPP. Measures that were recently adopted or which are (or whose application measures are) still in draft format, that have or are likely to have an impact on BNPP notably include: - the structural reforms comprising the French banking law of 26 July 2013 requiring that banks create subsidiaries for or segregate "speculative" proprietary operations from their traditional retail banking activities, the "Volcker rule" in the US which restricts proprietary transactions, sponsorship and investment in private equity funds and hedge funds by US and foreign banks, and upcoming potential changes in Europe; - regulations governing capital: the Capital Requirements Directive IV ("CRD 4")/the Capital Requirements Regulation ("CRR"), the international standard for total-loss absorbing capacity ("TLAC") and BNPP's designation as a financial institution that is of systemic importance by the Financial Stability Board; - the European Single Supervisory Mechanism and the ordinance of 6 November 2014; - the Directive of 16 April 2014 related to deposit guarantee systems and its delegation and implementing Decrees, the Directive of 15 May 2014 establishing a Bank Recovery and Resolution framework, the Single Resolution Mechanism establishing the Single Resolution Council and the Single Resolution Fund; - the Final Rule by the US Federal Reserve imposing tighter prudential rules on the US transactions of large foreign banks, notably the obligation to create a separate intermediary holding company in the US (capitalised and subject to regulation) to house their US subsidiaries; - the new rules for the regulation of over-the-counter derivative activities pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, notably margin requirements for uncleared derivative products and the derivatives of securities traded by swap dealers, major swap participants, security-based swap dealers and major security-based swap participants, and the rules of the US Securities and Exchange Commission which require the registration of banks and major swap participants active on derivatives markets as well as transparency and reporting on derivative transactions; 5